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GGenerali Central · Executive Cockpit

Board Pack

Value creation, performance and risk review — FY25 (Mar'25, audited). Motor (OD+TP) · Health & Personal Accident · Commercial & Property (Fire·Marine·Engineering·Liability·WC) · Crop, Rural & Miscellaneous.

₹5,548 Cr

GWP · FY25 (audited)

167

Branches

2,644

Employees

Mid-tier private multiline general insurer — Top-10 private (rank ~10)

Market position

Private / unlisted · Generali 73.86% · Central Bank of India 26.14% (co-promoter since Jun-2025; JV rebranded Aug-2025) · Chairman Parveen Kumar Gupta · Anup Rau (Managing Director & CEO) · HQ Mumbai (Indiabulls Finance Centre, Senapati Bapat Marg)

Where we stand

Executive scorecard

Generali Central · Board Pack · 1 · Executive Summary

Gross Written Premium (GWP)

₹5,548 Cr

prior ₹5,003 Cr

GWP Growth (YoY)

10.9%

prior 11.0%

Profit After Tax (PAT)

₹94 Cr

prior ₹133 Cr

Combined Ratio

112.0%

prior 106.0%

Net Earned Premium (NEP)

₹3,753 Cr

prior ₹3,338 Cr

Net Retention Ratio

66.0%

prior 72.0%

Policy Retention

82.0%

prior 80.0%

Employees

2,644

prior 2,625

Executive summary

Growth & underwriting

Premium, loss ratio & mix

Generali Central · Board Pack · 2 · Performance

GWP by line of business

Motor (OD + TP)34%

Health & Personal Accident33%

Crop, Rural & Miscellaneous16%

Commercial & Property16%

Motor (OD + TP)

₹1,886 Cr

+8% GWP · Loss ratio 68% · Retention 84%

Health & Personal Accident

₹1,858 Cr

+30% GWP · Loss ratio 99% · Retention 78%

Crop, Rural & Miscellaneous

₹904 Cr

+15% GWP · Loss ratio 55% · Retention 60%

Commercial & Property

₹900 Cr

+12% GWP · Loss ratio 74% · Retention 70%

Line maturity

Product-line economics & loss-ratio journey

Generali Central · Board Pack · 3 · Lines of Business

Product line	Since	GWP	Retained	Margin Δ	Realization	Status
Motor — Private Car & Two-Wheeler	2007	₹1,440 Cr	₹1,250 Cr	+₹24 Cr	80%	Integrated
Commercial Fire, Marine & Engineering	2007	₹900 Cr	₹487 Cr	+₹8 Cr	62%	In progress
Motor — Commercial Vehicle	2007	₹446 Cr	₹360 Cr	+₹17 Cr	70%	Integrated
Group Health & Corporate	2009	₹998 Cr	₹700 Cr	+₹1 Cr	66%	In progress
Health Total & Absolute (retail)	2010	₹620 Cr	₹560 Cr	+₹4 Cr	78%	In progress
Weather/Crop, PA & Rural (Alpa Bima)	2012	₹700 Cr	₹300 Cr	+₹10 Cr	55%	In progress
Health Vital / PowHer (new launches)	2024	₹240 Cr	₹190 Cr	+₹3 Cr	60%	In progress

Motor and mature retail health carry the base book; the newer lines (Health PowHer/Vital, Group Health & Corporate, Commercial Fire/Marine/Engineering, Weather/Crop & rural) are still seasoning on price, network and fraud control. Group Health at a ~99% loss ratio is the marquee fix; Crop was the FY25 profit star in a benign year (volatile, largely reinsured).

Solvency & investments

Solvency, capital & cash

Generali Central · Board Pack · 4 · Capital & Cash

Solvency Ratio

2.0x

target 1.5x

Solvency Headroom (x above floor)

0.5x

target 0.5x

Solvency Buffer (x floor)

1.3x

target 1.3x

Investment AUM

₹7,938 Cr

target ₹8,600 Cr

Investment Income

₹598 Cr

target ₹650 Cr

Claims-to-Cash Cycle (days)

34d

target 28d

Claims Settlement TAT (days)

target 5d

Combined-Ratio Turnaround Realization

55.0%

target 100.0%

Solvency 2.0x (₹1,896 Cr available vs ₹965 Cr required) sits comfortably above the 1.50× (150%) IRDAI floor, supported by ₹517 Cr sub-debt and a post-year-end 1:6 bonus, alongside ₹7,938 Cr of investment AUM. The earnings engine is investment income ₹598 Cr — which covers the ~₹471 Cr underwriting loss (112% combined ratio) and keeps PAT positive while the underwriting turnaround (health pricing, motor-OD, EOM & fraud) lands.

Governance

Watch-list & priority actions

Generali Central · Board Pack · 5 · Risk & Actions

●Health at ~99% loss ratio is the marquee problemceo

Health & PA is the largest line (₹1,858 Cr) AND the biggest loss-maker — net loss ratio ~99%, segment UW loss −₹131 Cr on medical inflation.

→ Reprice group/retail, tighten network & PPN, deploy AI fraud/FWA control and smart-underwriting to bend it below 94%.

●Central Bank bancassurance — the scale & margin leverceo

Bancassurance is only ~7% of GWP (₹390 Cr) across Central Bank's 4,500+ branches — a captive PSU-bank network rare among mid-tier privates.

→ Integrate the CBS bridge, staff the branch model and roughly double the channel toward the ₹10,000 Cr ambition.

●Combined ratio 112% = an underwriting losscfo

FY25 combined ratio worsened to 112% (from 106%) as net incurred claims jumped +23%; the ~₹471 Cr underwriting loss is only covered by investment income.

→ Drive the turnaround to <110%: health pricing, motor-OD discipline, EOM cap & fraud control.

●Investment income keeps PAT positivecfo

₹598 Cr investment income (7.59% yield on ₹7,938 Cr AUM) more than covers the underwriting loss → PBT ₹127 Cr, PAT +₹93.86 Cr.

→ Protect the float & yield ('Safety, Liquidity, Returns') while the underwriting turnaround lands.

●Solvency 196% — comfortably above the 150% floorcfo

Available solvency margin ₹1,896 Cr vs required ₹965 Cr = 1.96×; supported by ₹517 Cr sub-debt and a post-year-end 1:6 bonus.

→ Hold solvency ≥1.90× through the growth ramp; sub-debt is capital, not operating leverage.

●Central Bank co-promoter integration in-flightboard

Central Bank of India joined as 26.14% co-promoter (Jun-2025) and the JV rebranded to Generali Central (Aug-2025); expect CBI nominee directors & title changes.

→ Track board reconstitution, bancassurance integration milestones & brand transition.

●Growth-vs-profit tension: GWP +11% but PAT −30%board

GWP grew a healthy ~11% to ₹5,548 Cr, yet PAT fell ~30% to ₹93.86 Cr and the combined ratio worsened — profitable growth, not growth-at-any-cost, is the mandate.

→ Prioritise the health loss-ratio fix and bancassurance-led low-cost growth over topline chasing.

●Crop was the FY25 profit star — but it's volatileboard

Weather/Crop delivered +₹139 Cr in a benign-loss year; largely reinsured, so net retention is low and results swing year to year.

→ Treat crop profit as cyclical; don't build the plan on it — anchor on health & motor turnaround.

Material external signals

[IRDAI/Council] IRDAI Fraud Monitoring Framework (FMF) 2025 — effective 1 Apr 2026 · Fraud Control & SIU→ mandatory Fraud Monitoring Committee + Unit, insurer Red-Flag Indicators, mandatory IIB Fraud-Tech participation & Caution Repository.

[IRDAI/Council] Motor TP tariff unchanged since FY20 — revision the biggest potential upside · Motor (OD + TP)→ TP rates frozen (tariffed) since FY20; a future revision is the single biggest upside to motor GDPI.

[News] Central Bank of India accelerates branch-level insurance rollout · Bancassurance — Central Bank of India→ 4,500+ branch bancassurance ramp (Siliguri, Bhubaneswar & more) — the growth lever from ~7% today.

[News] Health medical inflation keeps loss ratios elevated across GI · Health & Personal Accident→ medical inflation + rising cashless utilisation drive health loss ratio ~99%; pricing/network/fraud fix needed.

Generali Central is private / unlisted (no market cap or ticker): headline financials are real FY25 (audited) anchors; granular per-line / per-program detail is modelled. AI summary generated by Azure OpenAI (GPT-4.1).